We also estimate that Figure 3. Global payments operating margin at risk by 2025 IIF payments could push the operating margin for 14.5% payments down to 4.3 percent by 2025 (Figure 3). With such compression, 100% 68.5% margins may become razor thin and even negative for the least-efficient players. 12.7% 4.3% Bank Payments Revenues Payment Cost of risk Operating Revenues loss operating costs margin Source: Accenture Research on annual reports 7 GLOBAL PAYMENTS PULSE SURVEY 2019 TWO WAYS TO WIN IN PAYMENTS